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Bullish (BLSH)
NYSE:BLSH
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Bullish
(NYSE:BLSH)
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Rating:49Neutral
Price Target:
$41.00
▲(4.33% Upside)
Bullish's overall stock score is driven by strong revenue growth and strategic initiatives highlighted in the earnings call. However, weak profitability, cash flow challenges, and bearish technical indicators weigh heavily on the score. The lack of valuation metrics further limits the stock's attractiveness.
Positive Factors
Revenue Growth
The strong revenue growth indicates Bullish's ability to expand its market share and enhance its product offerings, which is crucial for long-term success in the competitive fintech sector.
Regulatory Position
Obtaining a BitLicense strengthens Bullish's regulatory compliance, facilitating expansion in the U.S. market and enhancing trust with institutional clients, which is essential for sustainable growth.
Product Diversification
The launch of the options franchise diversifies Bullish's product offerings, attracting a broader client base and increasing revenue streams, which supports long-term business stability.
Negative Factors
Profitability Challenges
Low profitability margins indicate operational inefficiencies and could hinder Bullish's ability to reinvest in growth initiatives, affecting long-term competitiveness.
Cash Flow Issues
Negative operating cash flow suggests difficulties in sustaining operations without external financing, which could impact Bullish's financial stability and growth potential.
U.S. Onboarding Challenges
Slow U.S. customer onboarding due to rigorous diligence requirements may delay market penetration and limit revenue growth opportunities in a key market.
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.92B
Dividend YieldN/A
Average Volume (3M)1.41M
Price to Earnings (P/E)―
Beta (1Y)2.78
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees400
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.10
Shares Outstanding150,683,750
10 Day Avg. Volume1,262,139
30 Day Avg. Volume1,408,793
Financial Highlights & Ratios
PEG Ratio-1.35
Price to Book (P/B)4.16
Price to Sales (P/S)0.04
P/FCF Ratio-295.06
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit3.67K
Enterprise Value/Ebitda-3.30K
Forecast
1Y Price Target
$54.00Price Target Upside37.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.72
Revenue Forecast (FY)$387.53M
Bullish Business Overview & Revenue Model
Company DescriptionBullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.
How the Company Makes MoneyBullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, providing liquidity to the market while profiting from the spread between buying and selling prices. The company may also engage in partnerships with other financial institutions, enhancing its service offerings and creating additional avenues for revenue, such as referral programs or joint ventures in the cryptocurrency space. Furthermore, Bullish could explore revenue from premium services or subscription models for advanced trading features aimed at professional traders and institutions.
Bullish Earnings Call Summary
Earnings Call Date:Nov 19, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
Bullish demonstrated strong financial performance with record revenues and significant progress in options trading and liquidity services. However, some challenges remain, including flat Q4 SS&O revenue guidance and a slow onboarding process for U.S. customers.Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Growth
Bullish reported record adjusted revenue of $76.5 million, record adjusted EBITDA of $28.6 million, and record adjusted net income of $13.8 million for Q3 2025.
Launch of Options Trading
Successfully launched an options franchise with over $1 billion in trading volume in just over two weeks, with a market share of approximately 4%.
Expansion of Liquidity Services
Added a record number of liquidity services partners in Q3, with active partner count up 100% sequentially, and expanded relationships with major blockchain ecosystems.
Strong Performance in Media and Indices Business
CoinDesk became the top crypto news site globally by views, and indices business underpinned several new U.S.-based exchange-traded crypto products.
Regulatory and Market Position
Secured a BitLicense, enabling U.S. onboarding for Bullish exchange clientele, and positioned at the intersection of trends like regulatory clarity and asset tokenization.
Negative Updates
Flat Q4 Guidance for SS&O Revenue
Guidance for Q4 SS&O revenue is flat at the midpoint, attributed to seasonality and downward price movements in the broader digital asset space.
Challenges with U.S. Onboarding
The onboarding process for U.S. customers is described as a 'slog,' with robust diligence requirements post-FTX, slowing down the process despite a strong early pipeline.
Negative Spread in Perpetual Futures
Experienced a significant negative spread in perpetual futures in October, largely driven by volatility.
Company Guidance
During Bullish Global's third-quarter 2025 earnings call, the company provided optimistic guidance for the remainder of the fiscal year, citing record adjusted revenue of $76.5 million and an adjusted EBITDA of $28.6 million. The company expects its momentum to continue, with guidance indicating SS&O revenue of $47 million to $53 million for Q4. Bullish's liquidity services and options franchises are key growth drivers, with the company reporting a 100% sequential increase in active partner count and a successful launch of its options franchise, achieving over $1 billion in trading volume within two weeks. Additionally, Bullish highlighted its strategic positioning in the tokenization trend, emphasizing its role in providing compliant and regulated global exchange services. The company's robust regulatory footprint, including the recent acquisition of a BitLicense, facilitates U.S. expansion, contributing to a stronger customer base, and further integration with institutional clients. The call underscored Bullish's confidence in sustaining profitable growth into 2026, driven by its diversified revenue streams and strategic market positioning.Bullish Financial Statement Overview
Summary
Bullish shows strong revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, but operational efficiency and cash generation need improvement.Income Statement
Bullish has shown a significant revenue growth rate of 114.8% in the latest year, indicating strong top-line expansion. However, the company struggles with profitability, as evidenced by low gross and net profit margins. The EBIT and EBITDA margins are also minimal, suggesting challenges in operational efficiency.Balance Sheet
The company maintains a relatively low debt-to-equity ratio of 0.23, indicating conservative leverage. However, the return on equity is modest at 3.29%, reflecting limited profitability relative to shareholder equity. The equity ratio is healthy, suggesting a stable financial structure.Cash Flow
Bullish has experienced a substantial improvement in free cash flow growth, but the operating cash flow remains negative, indicating cash flow challenges. The free cash flow to net income ratio is positive, suggesting some ability to convert earnings into cash, yet the overall cash flow position is weak.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 246.61B | 250.26B | 116.51B | 72.90B | 1.32B | 0.00 |
| Gross Profit | 2.45M | 5.28M | -21.67M | -6.55M | -1.04B | 0.00 |
| EBITDA | -2.72M | 131.65M | 1.31B | -4.12B | -1.27B | 0.00 |
| Net Income | -61.05M | 78.53M | 1.30B | -4.25B | -1.40B | -119.02M |
Balance Sheet | ||||||
| Total Assets | 4.62B | 3.05B | 1.80B | 3.41B | 7.46B | 5.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.63B | 250.36M | 367.67M | 1.41B | 1.23B | 239.38M |
| Total Debt | 582.57M | 543.07M | 440.40M | 14.13M | 6.50M | 1.01B |
| Total Liabilities | 645.33M | 646.75M | 522.23M | 1.52B | 1.34B | 1.04B |
| Stockholders Equity | 3.92B | 2.39B | 1.28B | 1.88B | 6.11B | 4.01B |
Cash Flow | ||||||
| Free Cash Flow | -41.69M | -33.69M | -127.63M | 193.64M | -455.26M | -150.00K |
| Operating Cash Flow | 5.47M | -29.98M | -126.67M | 194.93M | -120.95M | -150.00K |
| Investing Cash Flow | -5.69M | -45.08M | 3.92M | -1.29M | 1.50B | 128.41M |
| Financing Cash Flow | 46.28M | -980.00K | -1.21B | -7.73M | -340.36M | 1.31B |
Bullish Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | $5.92B | ― | ― | ― | ― | ― | |
47 Neutral | $39.04M | -0.11 | ― | ― | ― | ― | |
43 Neutral | $22.36M | -0.01 | -415.08% | ― | 16.50% | ― | |
41 Neutral | $5.67M | -0.11 | -993.23% | ― | -44.25% | 82.71% | |
40 Underperform | $1.31M | -0.11 | -46.76% | ― | -15.10% | -177.14% | |
39 Underperform | $10.81M | -0.09 | ― | ― | -30.70% | 82.02% |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.